Student Loans – CEC UGC http://cec-ugc.org/ Fri, 04 Jun 2021 22:21:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://cec-ugc.org/wp-content/uploads/2021/05/default-150x150.png Student Loans – CEC UGC http://cec-ugc.org/ 32 32 PenFed Foundation Partners with Purefy to Launch Student Loan Repayment Program for Black Veterans | state https://cec-ugc.org/penfed-foundation-partners-with-purefy-to-launch-student-loan-repayment-program-for-black-veterans-state/ https://cec-ugc.org/penfed-foundation-partners-with-purefy-to-launch-student-loan-repayment-program-for-black-veterans-state/#respond Fri, 04 Jun 2021 18:58:00 +0000 https://cec-ugc.org/penfed-foundation-partners-with-purefy-to-launch-student-loan-repayment-program-for-black-veterans-state/ TYSONS, Virginia, June 4, 2021 / PRNewswire / – The PenFed Foundation, a national 501 (c) (3) organization founded by PenFed Credit Union, today announced the launch of a new student loan repayment program for black veterans, with funding provided by Purify, a technology platform based on direct current. The PenFed Foundation aims to support […]]]>


TYSONS, Virginia, June 4, 2021 / PRNewswire / – The PenFed Foundation, a national 501 (c) (3) organization founded by PenFed Credit Union, today announced the launch of a new student loan repayment program for black veterans, with funding provided by Purify, a technology platform based on direct current. The PenFed Foundation aims to support black veterans in the Washington DC area with student loan assistance. The PenFed Foundation will award $ 5,000 to 20 selected applicants by issuing a monthly payment of up to $ 500 until $ 5,000 has been repaid on their student loan balances.

“American families have more than $ 1.7 trillion in unpaid student debt. For military families, student loans are one of the main sources of debt. At the PenFed Foundation, we want military veterans and their families to be able to continue their education and live financially free, ”said the President of the PenFed Foundation and the retired US Army General. John W. Nicholson, Jr. “We want to do everything in our power to ensure every Veteran has a strong financial future. We hope this student loan assistance program will be a resource for the African American Veterans in our community who have served our nation as so selfless way. “

Jack Zoeller, Founder and CEO of Purefy, added, “As a veteran, I know how the burden of debt of any kind can weigh on the financial well-being of a military family. Washington DC company, we are thrilled to be able to partner with the PenFed Foundation to establish this student loan assistance program to recognize and give something back to African American military personnel living in our local community. “

The PenFed Foundation will accept applications for the Black Veterans Student Loan Repayment Program from June 4 – July 31. Eligible applicants must identify themselves as African American or Black, be honorably discharged from the military, live in the DC metro area, and have a gross annual income not exceeding 80% of the median income of the region in which the applicant lives , adjusted for household size.

The PenFed Foundation’s Black Veteran Student Loan Repayment Program is one of many initiatives to support service members, veterans and their families. The PenFed Foundation Investment program for veteran entrepreneurs includes assistance programs such as a one-year masters program that helps develop veteran-owned startups through training, mentoring, access to networks and investor funds. The PenFed Foundation also recently launched a GovCon Veteran Women Boot Camp Accelerator, which engages veteran women entrepreneurs with companies in government contracts through free, business-focused training sessions, coaching, opportunities. networking and access to grants.

“Almost 35% of military families see student debt as their most stressful source of debt. I have had the opportunity to work with hundreds of veterans and their families, and I know that financial hardship can be a major obstacle to achieving their goals and aspirations. The mission of the PenFed Foundation is to help eliminate financial burdens and equip the military community with the resources it needs to thrive, ”said the director of programs for the PenFed Foundation. Daria teutonico.

To find out more and apply, visit https://penfedfoundation.org.

Aabout the PenFed Foundation

Founded in 2001, the PenFed Foundation is a national, non-profit organization committed to empowering military service members, veterans and their communities with the skills and resources necessary to achieve stability and financial opportunity. It equips military members, veterans, their families and support networks with the skills and resources they need to improve their lives through financial education, homeownership, veteran entrepreneurship and short-term help. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the country, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds Foundation staff and most operational costs, demonstrating its strong commitment to the programs offered by the Foundation. Equal housing opportunities. To learn more, visit www.penfedfoundation.org.

About Purefy Inc.

Situated at Washington DC and Richmond Virginia, Purefy is a digital financial platform that has helped over 200,000 borrowers navigate the often difficult task of obtaining and refinancing student loans. Purefy partners with leading financial institutions to present a wide selection of lending options and a path to lower borrowing rates, without bias for lenders. Purefy has assembled an award-winning team of student loan advisors to guide clients to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.

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UW-Platteville proposes to repay some important student loans for education https://cec-ugc.org/uw-platteville-proposes-to-repay-some-important-student-loans-for-education/ https://cec-ugc.org/uw-platteville-proposes-to-repay-some-important-student-loans-for-education/#respond Thu, 03 Jun 2021 23:24:00 +0000 https://cec-ugc.org/uw-platteville-proposes-to-repay-some-important-student-loans-for-education/ PLATTEVILLE, Wisconsin (WMTV) – This fall, the School of Education at the University of Wisconsin-Platteville is proposing to pay off some student loans. “It’s so refreshing to be around little kids who just want to learn,” said Dominic Ballweg, a freshman entering the UW-Platteville education program. “I think when people think of teachers in a […]]]>


PLATTEVILLE, Wisconsin (WMTV) – This fall, the School of Education at the University of Wisconsin-Platteville is proposing to pay off some student loans.

“It’s so refreshing to be around little kids who just want to learn,” said Dominic Ballweg, a freshman entering the UW-Platteville education program. “I think when people think of teachers in a stereotypical way, they think of low paid people who don’t make money. “

This is why this fall, the School of Education is offering a Loan Repayment Assistance Program (PARL). The program applies to three types of loans: Federal Student, Parent PLUS, and Private Alternative.

“This is for all of our new freshmen who are primary and middle school majors, so when you come to our university, stay with us for four years, then when you graduate, until Whether you earn $ 48,000, we’ll pay off a portion of your student loans. », Jen Collins, Dir. from UW-Platteville School of Education said.

This means that until they earn $ 48,000 per year, students will receive help from the university to make their payments.

Jamie Nutter of Cooperative Education Service Industry, District 3 (CESA 3) hopes this will keep teachers in the classroom.

“This is a great strategy to tackle the teacher shortage, especially in rural areas, we need all the help we can get,” Nutter said.

Nutter said that this year, some rural school districts may not receive nominations from teachers.

“School districts are no longer just competing against each other for these candidates, they are competing with all industries because of their skills. rural areas, ”Nutter said.

Ballweg is happy that he doesn’t have to choose between a dream career or paying off his loans.

“I’m sure I’ll find a job somewhere, but paying off the loan at that point will help me,” Ballweg said.

School of Education employees say UW-Platteville is the first public institution in the country to offer this type of loan repayment plan.

Copyright 2021 WMTV. All rights reserved.



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More colleges are canceling student debt using Biden Stimulus Funds – will the others follow? https://cec-ugc.org/more-colleges-are-canceling-student-debt-using-biden-stimulus-funds-will-the-others-follow/ https://cec-ugc.org/more-colleges-are-canceling-student-debt-using-biden-stimulus-funds-will-the-others-follow/#respond Thu, 03 Jun 2021 14:05:05 +0000 https://cec-ugc.org/more-colleges-are-canceling-student-debt-using-biden-stimulus-funds-will-the-others-follow/ TOPSHOT – US President Joe Biden speaks at Tulsa 100th anniversary commemoration … [+] Race Massacre at the Greenwood Cultural Center in Tulsa, Oklahoma on June 1, 2021. – US President Joe Biden visited Oklahoma on Tuesday to honor the victims of a 1921 racial massacre in the city of Tulsa, where Afro residents – […]]]>


A growing number of colleges and universities have announced in recent weeks that they will write off student debt on their graduates using funds from President Biden’s recent stimulus bill.

Elizabeth City State University in North Carolina announced last week that it would write off $ 286,500 in student debt owed directly to school due to the COVID-19 pandemic.

“The administration is aware that the COVID-19 crisis has caused financial hardship for many students and their families,” Provost Farrah J. Ward said in a statement to WAVY News. “As the pandemic and its impact continue to affect our students, we are committed to finding ways to support the Viking community during this crisis. “

The university said it would use stimulus funds from the US bailout – the $ 1.9 trillion back-up plan President Biden signed into law in March. After the bill was passed, Education Secretary Miguel Cardona updated policy guidance allowing colleges and universities to use stimulus funds for various student needs, including cancellation student debt in some cases.

“Many students have seen their post-secondary careers turned upside down as they manage their schoolwork while protecting themselves from this virus,” Education Secretary Cardona said in March when he announced the policy change. “We hope that every eligible student will take advantage of these benefits while continuing to focus on their studies.”

Elizabeth City State University isn’t the only college to write off student debt, and it may not be the last. Wilberforce University, a historically black university in Ohio, announced that it would do the same, writing off more than $ 375,000 in student debt for students enrolled in 2020 and 2021. And Delaware State University announced in May. that she would forgive over $ 700,000 in student debt. to at least 200 students facing difficulties as a result of the pandemic.

Other schools are announcing debt-free enrollment options for students to prevent them from accumulating student loans to begin with. Dartmouth College announced this week that it will eliminate student loans for families earning $ 125,000 a year or less. “Our next step is to try to increase it to $ 150,000,” Presidential Commission on Financial Aid co-chair Julie McKenna said in a statement to Dartmouth. Debt-free enrollment in Dartmouth would not be funded by stimulus funds.

It is important to note that these latest student loan cancellation initiatives relate only to debts owed directly to institutions, rather than to the government or a private lender. Yet, institutional student loan debt can be a serious problem for students and borrowers. These types of debt are generally not eligible for federal student loan relief and forgiveness programs, such as income-tested repayment, civil service loan forgiveness, or the CARES law moratorium on payments and forgiveness. interest on student loans. In addition, the non-payment of these debts can lead to serious and lasting consequences, including the retention of transcripts and the inability to re-enroll, transfer credits, complete a degree program or pursue further studies. secondary studies.

Advocates for student loan borrowers and their progressive allies in Congress continue to pressure President Biden to use executive action to enact a large-scale student loan forgiveness. Biden expressed his skepticism of such an approach. The administration is reviewing its options, however, and Biden has ordered attorneys for the U.S. Department of Education and the Department of Justice to conduct a legal review of student loan forgiveness options. This review is ongoing.

Further reading

Biden administration announces major overhaul of income-based repayment and student loan forgiveness programs

Will Biden cancel student loan debt? We may know soon

Biden Student Loan Forgiveness Review: Should You Take Action Now To Write Off Student Debt Later?

If Biden doesn’t cancel student loan debt, could he do it instead?



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Biden to review student loan forgiveness – here are 5 potential changes https://cec-ugc.org/biden-to-review-student-loan-forgiveness-here-are-5-potential-changes/ https://cec-ugc.org/biden-to-review-student-loan-forgiveness-here-are-5-potential-changes/#respond Wed, 02 Jun 2021 17:58:16 +0000 https://cec-ugc.org/biden-to-review-student-loan-forgiveness-here-are-5-potential-changes/ President Joe Biden (Photo by Scott Olson / Getty Images) Getty Images President Joe Biden will consider the cancellation of the student loan. Here’s what you need to know and what it means for your student loans. Student loans Biden has asked the U.S. Department of Education to review student loan cancellation and repayment to […]]]>


President Joe Biden will consider the cancellation of the student loan.

Here’s what you need to know and what it means for your student loans.

Student loans

Biden has asked the U.S. Department of Education to review student loan cancellation and repayment to determine what changes, if any, could improve student loan borrower outcomes. Later this month, the Education Department will hold public hearings to solicit public input that could shape the future of student loan cancellation. Here are 5 potential changes:

1. Get a lower student loan repayment

As a presidential candidate, Biden has said he wants to reduce student loan payments for student loan borrowers. Specifically, he wants to change income-based repayment plans so that student loan repayments are based on 5% of monthly discretionary income. Currently, income-based repayment plans such as REPAYE are based on 10% of your monthly discretionary income. If implemented, it could help student loan borrowers collectively save millions of dollars each month.




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Lawyer Called “Don Quixote of Student Debt” Decides to Run for Congress https://cec-ugc.org/lawyer-called-don-quixote-of-student-debt-decides-to-run-for-congress/ https://cec-ugc.org/lawyer-called-don-quixote-of-student-debt-decides-to-run-for-congress/#respond Tue, 01 Jun 2021 21:18:00 +0000 https://cec-ugc.org/lawyer-called-don-quixote-of-student-debt-decides-to-run-for-congress/ Home Daily News The lawyer described as “Don Quixote of a student … Bankruptcy law Lawyer Called “Don Quixote of Student Debt” Decides to Run for Congress By Debra Cassens Weiss June 1, 2021, 4:18 p.m. CDT Austin Smith is seeking to represent part of Long Island, New York, as a Democrat. Photo courtesy of […]]]>


Bankruptcy law

Lawyer Called “Don Quixote of Student Debt” Decides to Run for Congress

Austin Smith is seeking to represent part of Long Island, New York, as a Democrat. Photo courtesy of Austin Smith.

A lawyer who called for reparations from student borrowers in bankruptcy court decided to run to Congress in 2022 on a platform that includes reforming the debt cancellation rules.

Austin Smith is seeking to represent part of Long Island, New York, as a Democrat after a legal career in which he won about 75 cases on behalf of borrowers, Business Insider reports.

His victories are limited, however. His cases focus on borrowers who have taken out private school loans for expenses other than educational benefits, such as tuition, books, and room and board.

And it can be costly to litigate cases for student loan borrowers, who are often the least able to afford legal fees. Smith funded his business with loans from a bank, his father, and litigation finance companies, according to Business Insider.

A federal bankruptcy judge described Smith as the “Don Quixote of student debt,” a comparison adopted by Smith. A print of Don Quixote hangs above his desk, the article reports.

Opposing student debt relief is a law that generally prohibits the discharge of student loans in bankruptcy unless the borrower can demonstrate undue hardship. This usually means that a borrower will have to demonstrate that they are unable to maintain a minimum standard of living, that the borrower’s situation is unlikely to change, and that the borrower has made a good faith effort to repay. the loan.

According to Business Insider, there are more exceptions for borrowers who take out private rather than federal student loans. These borrowers cannot cancel “eligible student loans” without undue hardship. But Smith looked into the meaning of qualified student loans and sought to cancel private student loans covering other expenses.

The argument worked in Smith’s 2016 victory on behalf of Pace University law graduate Lesley Campbell who was allowed to write off the unpaid portion of a bar exam study loan from Citibank. The loan paid for rent and groceries while she studied for her bar exam. Despite the victory, Campbell still owed about $ 360,000 in federal student debt, according to Business Insider.

The amount Campbell owes has more than doubled due to “negative amortization” in which interest accumulates faster than payments made, according to Business Insider.

Smith also won a pro bono appeal on behalf of a 2004 graduate of Yeshiva University’s Cardozo Law School, Kevin Jared Rosenberg, who exercised undue hardship in his case.

Campbell’s case is attracting the attention of bankruptcy judges, who have cited it at least 20 times.

Smith failed, however, when he attempted to break into the loan management arm of Navient Corp. to involuntary bankruptcy, according to Business Insider. The case began as a possible class action lawsuit alleging that Navient had wrongly sought to collect a bar exam study loan that had been released in bankruptcy. Smith claimed the company was insolvent. Navient said the petition was frivolous.

Smith did not file a response to Navient’s motion to dismiss and did not appear at a dismissal hearing. Smith was absent as he was being treated for recurrent testicular cancer, the judge informed. A bankruptcy judge dismissed the case and awarded partial legal fees to Navient.

“If we don’t have success in the judiciary,” Smith told Business Insider, “then maybe there is a solution in the legislature.”

See also:

ABAJournal.com: “Some bankruptcy judges are looking for ‘leeway’ in student debt cases; the clerics are instructive ”

ABAJournal.com: “The 1st circuit demands the release of the student debt of $ 246,000 from the former executive”



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We make $ 80,000 a year, but we owe $ 120,000 in car and student loans. Should we have a new car? https://cec-ugc.org/we-make-80000-a-year-but-we-owe-120000-in-car-and-student-loans-should-we-have-a-new-car/ https://cec-ugc.org/we-make-80000-a-year-but-we-owe-120000-in-car-and-student-loans-should-we-have-a-new-car/#respond Tue, 01 Jun 2021 02:33:00 +0000 https://cec-ugc.org/we-make-80000-a-year-but-we-owe-120000-in-car-and-student-loans-should-we-have-a-new-car/ Dear Dave, My wife and I are in our twenties and together we make about $ 80,000 a year. Our first baby is due in early 2022, so being debt free has become a top priority in my mind. At the moment we have two cars. The one I’m driving is chargeable and has a […]]]>


Dear Dave,

My wife and I are in our twenties and together we make about $ 80,000 a year. Our first baby is due in early 2022, so being debt free has become a top priority in my mind. At the moment we have two cars. The one I’m driving is chargeable and has a lot of miles, but it’s in great condition. We still owe $ 30,000 on the other, and the rest of our debt is about $ 90,000 in student loans. My wife puts 40,000 miles a year on the other car for work. I told her the other day that we were downsizing the car a bit, but she’s particular about what she drives. I even found out that she had her eye on a newer vehicle that costs around $ 48,000. I do not know what to do. Can you help me?

Zach

Dear Zach,

Okay, let’s start slowly. I’m glad you saw the wisdom in controlling your money and getting out of debt. It is the first step towards financial peace.

Now, as far as the car is concerned, there’s no way in the world that I’m doing that. And honestly, I don’t care how special your wife is. You guys are broke! You’re in debt, and now she’s talking about buying a car for $ 48,000 – when you still owe $ 30,000 on one – and then spending 40,000 miles a year on it and destroying its value faster than you. can say “quickly”.

This whole idea and attitude is dumber than a rock. Absolutely not! You might have seen the light when it comes to your finances, but it seems like your wife is still in the dark and in need of some growth. You should have a long, serious talk about things and get on the same page financially – especially with a baby on the way. The future of your family depends on it.

I hope I was not clear.

—Dave



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Students in England demand 30% Covid reduction on tuition fees | The universities https://cec-ugc.org/students-in-england-demand-30-covid-reduction-on-tuition-fees-the-universities/ https://cec-ugc.org/students-in-england-demand-30-covid-reduction-on-tuition-fees-the-universities/#respond Mon, 31 May 2021 06:00:00 +0000 https://cec-ugc.org/students-in-england-demand-30-covid-reduction-on-tuition-fees-the-universities/ University students in England are offering to accept higher interest rates on their loans in exchange for an immediate reduction of £ 2,700 on their tuition fees in compensation for the disruption to their studies caused by the Covid pandemic. A group of student unions led by the London School of Economics and the University […]]]>


University students in England are offering to accept higher interest rates on their loans in exchange for an immediate reduction of £ 2,700 on their tuition fees in compensation for the disruption to their studies caused by the Covid pandemic.

A group of student unions led by the London School of Economics and the University of Sheffield have written to Education Secretary Gavin Williamson and Universities Secretary Michelle Donelan proposing that the government fund a 30 % of tuition fees for all students. this year by raising interest rates from 3% to 6.2%, meaning it would only be paid off by the highest paying graduates.

The letter said: “We demand immediate financial justice for the cohorts of college students affected by Covid. In an ideal world, education should be free; however, in the year students claim compensation for their tuition fees, we have created a financially neutral solution to adjust tuition fees, helping students with a one-time payment.

The student leaders, all from Russell Group research universities, based their calculations on modeling from consultancy London Economics. He suggested that raising the interest rate on student loans would mean the £ 1 billion cost of the 30% rebate would be paid by high-income graduates, as loans are written off after 30 years, rather than by the taxpayer or low-income graduates. .

The average male graduate would pay £ 6,500 more in loan repayments over his lifetime, with higher earners paying up to £ 29,800 more, but female graduates with an average salary could repay the same amount because their lifetime incomes are lower.

The pandemic prevented most students from accessing their campuses from the end of the fall term until May 17, so they missed in-person instruction, access to facilities such as libraries and social and extracurricular activities. Many were frustrated at not being able to access rooms in halls of residence and apartments for which they had already paid.

“The universities got it wrong in the summer of 2020. They were overzealous in recruiting students, which contributed to unrealistic expectations of what this academic year would look like. This has led to a situation where students are extremely angry that they are being charged exorbitant prices for their studies, ”said David Gordon, general secretary of the LSE students’ union.

Some students have expressed their anger at universities this year through rent strikes, building occupations and social distancing protests. Gordon said the reimbursement modeling was an attempt to find a constructive way to talk to the government about compensation after exhausting other avenues, including the Competition and Markets Authority, the Office of the Independent Arbitrator. , which deals with student complaints, and the Students’ Office, the higher education regulator for England.

The letter was signed by 17 student unions from LSE, UCL, King’s College and Queen Mary in London, Queen’s University in Belfast and the universities of Exeter, Edinburgh, Liverpool, Leeds, York, Glasgow, Durham, Manchester, Cardiff , Sheffield and Bristol. Students from Scotland, Wales and Northern Ireland signed the letter in solidarity with unions in England.

A spokesperson for the Ministry of Education said: “Universities have a strong track record of delivering excellent blended courses, and we made it clear from the onset of the pandemic that the quality and quantity should not decline.

“The Office for Students will be monitoring to make sure this is the case, and universities should be open about what students can expect.”



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Five Americans on what $ 50,000 in federal student loan forgiveness would mean to them https://cec-ugc.org/five-americans-on-what-50000-in-federal-student-loan-forgiveness-would-mean-to-them/ https://cec-ugc.org/five-americans-on-what-50000-in-federal-student-loan-forgiveness-would-mean-to-them/#respond Sun, 30 May 2021 08:30:17 +0000 https://cec-ugc.org/five-americans-on-what-50000-in-federal-student-loan-forgiveness-would-mean-to-them/ About 43 million Americans owe $ 1.5 trillion in federal student loans, a huge number with far-reaching economic implications. Student debt has been shown to hamper the growth of small businesses, prevent young families from buying homes, delay marriages, and prevent people from saving for retirement. Emotionally, too, the effects are varied. A 2017 study […]]]>


About 43 million Americans owe $ 1.5 trillion in federal student loans, a huge number with far-reaching economic implications.

Student debt has been shown to hamper the growth of small businesses, prevent young families from buying homes, delay marriages, and prevent people from saving for retirement.

Emotionally, too, the effects are varied. A 2017 study showed that students with debt are less likely to access the desired profession, instead of prioritizing loan repayments. Adults report feeling depressed about their high student debt. According to a survey, 1 in 15 student borrowers said they had considered suicide because of their debt.

But what if all had to disappear or at least part of it?

President Joe Biden pledged to write off $ 10,000 in federal student debt during the election campaign. Many in his party want him to be more ambitious. In February, Senate Majority Leader Chuck Schumer, DN.Y, and dozens of Senate and House members called on Biden to write off $ 50,000 in federal student debt for all borrowers.

Biden said he didn’t think he had the power to write off that much debt. In April, his administration asked the education ministry to draft a memo on the legal issues surrounding debt cancellation. While student debt relief will likely be left out of its annual budget, experts say it’s likely because it’s waiting for the report, not because the cancellation is totally irrelevant. Meanwhile, student debt continues to affect the lives of many across the country.

NBC News has spoken to people across the country about what student debt cancellation will mean to them. Here is a selection of their stories:

Steven mewha

Steven Mewha, 36, grew up in a Scottish working-class Irish family in Philadelphia and is now a lawyer in Hawaii. It’s a classic American achievement, but it was not without challenges – and debt.

He graduated from Temple University in a recession with approximately $ 40,000 in debt.

“I wanted to improve my life, I wanted to get out of the working class.” Mewha said. “Of course I could have stayed home and skipped college, worked a $ 40,000 a year job. But I wanted more.

Steven Mewha.Courtesy of Steven Mewha

“I was fired from my first real job,” he said. Then he got a job running a movie theater, and the interest on his loans kept piling up. In addition to student loans, he also had considerable credit card debt, which he described as the “unsung villain of college education.” He eventually decided to continue his studies and enrolled in law school.

To do so, however, he had to take on more debt. Despite studying law and studying at a public school, he now has a debt of approximately $ 190,000.

He now works as a lawyer, but has to pay over $ 1,200 per month on his loans. That combined with the high cost of living in Hawaii, buying a house and having children doesn’t seem like a possibility until the age of 40.

“The $ 50,000 forgiveness of student debt would absolutely stimulate the economy in a way that is very difficult to calculate,” he said. “I could live, really live – that would be a stimulus.”

Jess Gawrych and Arielle Atherley

Jess Gawrych and Arielle Atherley, both 28, met at Boston University and have been together ever since. After college, they both pursued masters studies at George Washington University in Washington, DC, where they now reside and work.

Together, they have student debt of approximately $ 278,000, and together their payments total approximately $ 900 per month.

Gawrych and Atherley are both first generation college students from immigrant families. It was so important to go to college that at 18, they didn’t necessarily think about what it was costing them. Gawrych says she now sees higher education as a mistake.

Jess and Arielle.Courtesy of Jessica Gawrych

“To be honest, $ 10,000 doesn’t sound like a lot to me,” Gawrych said. “Mainly because of some of the interest on the loans, it would barely scratch the surface.”

Erasing $ 100,000 “would help with a lot of the typical things in life that people want,” Atherley said, such as marriage, a house, kids. With their loans on hold due to the pandemic, the couple were able to buy a car – something they couldn’t have done with the hefty monthly loan payments.

“I try to manage my expectations, but being able to save even $ 100, $ 200, $ 300 per month would make a huge difference in the long run.”

Gladys Villegas-Ocampo

“I wouldn’t even begin to describe how grateful I would be if my debt were forgiven,” said Gladys Villegas-Ocampo of Florida.

Villegas-Ocampo, 39, who was born in Ecuador and came to the United States as a young child, says when bills come in every month – cars, rent, loans, insurance – she has to choose which one to pay.

Gladys Villegas-Ocampo.Courtesy of Gladys Villegas-Ocampo

She initially enrolled in college sometime after high school, but was unable to graduate because she needed to work.

“I have lupus. I have to be seen by a doctor almost every week, these payments add up,” said Vilegas-Ocampo.

This year, the now married mother-of-one will graduate after returning to complete her studies, in hopes of being able to get a better paying job to support her family. She will graduate with over $ 50,000 in federal student debt and a monthly payment of $ 336.

“Sometimes I feel really guilty,” she said of the decision to go back to school. “I feel a lot of pressure to make sure I get a good paying job just to justify my decision.”

Getting a job, she said, “isn’t about being anxious to be able to buy the things I want.”

“I need a job so that I can earn enough to pay off my loan.”

Alicia corby

Alicia Corby, 38, took out more than $ 225,000 in federal student loans to attend law school. Her current balance is now around $ 350,000.

Alicia Corby.Larissa block

“I owe about $ 40,000 a year in interest,” said Corby, of California. Interest rates on his original loans were between 7 and 13 percent. She consolidated them, and now they hover between 6 and 8 percent. Still, “it’s almost impossible to pay off the principal balance unless you earn a ridiculous amount.”

Corby, a mother of three, left the workforce to care for her children. She put her loans on loan, but after running out of extensions she had to return to work.

To her, “$ 10,000 wouldn’t look like nothing,” but $ 50,000 of forgiveness would put her in a better position, although it would still be of great interest to her, she said.

If the government is serious about helping alleviate the crisis, it needs to do something about interest rates and allow tax deductions for principal and interest payments, she said.

“They are not private lenders. It’s the federal government – and interest rates are predatory, ”she said.



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More time allowed to repay student loans, Singapore News & Top Stories https://cec-ugc.org/more-time-allowed-to-repay-student-loans-singapore-news-top-stories/ https://cec-ugc.org/more-time-allowed-to-repay-student-loans-singapore-news-top-stories/#respond Fri, 28 May 2021 21:00:00 +0000 https://cec-ugc.org/more-time-allowed-to-repay-student-loans-singapore-news-top-stories/ Graduates of polytechnics and autonomous universities will be able to defer their student loan repayments for an additional four months, as the government seeks to support those whose jobs could be affected by the economic uncertainty induced by the pandemic. These loan and interest repayments were suspended by the Department of Education (MOE) for one […]]]>


Graduates of polytechnics and autonomous universities will be able to defer their student loan repayments for an additional four months, as the government seeks to support those whose jobs could be affected by the economic uncertainty induced by the pandemic.

These loan and interest repayments were suspended by the Department of Education (MOE) for one year from June 1 of last year to May 31 of this year. The extension means that graduates of autonomous universities and polytechnics will not have to start repayments until after September 30.

The finance ministry said in a separate statement that the extension would give graduates more time to find a stable financial base and to plan their finances.

No interest, whether standard interest or penalty interest, will be charged on any outstanding government loans during the additional four months. This includes tuition loans, student loans, and loans for student programs abroad.

The MOE said those with outstanding loans will automatically receive the extension.

They include graduates who have started repaying their loans and students who graduate before September 30 and still have loans to repay. Those who wish to continue repaying their loans can do so by informing their higher education institutions and banks to make the necessary arrangements.

Finance Minister Lawrence Wong said it was possible to extend the suspension further, but that will depend on the state of the current epidemic and the economy’s ability to recover, he said. he said yesterday at a virtual press conference.

He said: “Before the last round of heightened early warning measures, the economic outlook was improving … and if you look at the employment prospects of new graduates, they were improving as well.

“But given the latest situation, the uncertainty that the new strains (of virus) have posed not only to Singapore but also to the global economy … we spoke with the MOE and decided to give a short extension. “

Mr. Wong added, “If the situation does improve, and the current epidemic turns out to be temporary, we resume our recovery path and the external economy remains strong, then I think September should be a reasonable time.

“But if things were to get worse, whether on the external front or even in Singapore in terms of our own growth trajectory, then of course we will be willing to reconsider and see if further expansions are needed.”

Mr. Shivaram Rasu, 27, graduated from the National University of Singapore in June last year and has yet to start repaying his $ 40,000 student loan. While the research assistant has no reimbursement issues, he said the extension would help those who may still be struggling.

“The economic climate has been quite uncertain, so in a time like this this expansion will be a blessing,” he said.

Kok Yufeng



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Colorado AG sues student loan company | Western Colorado https://cec-ugc.org/colorado-ag-sues-student-loan-company-western-colorado/ https://cec-ugc.org/colorado-ag-sues-student-loan-company-western-colorado/#respond Fri, 28 May 2021 06:15:00 +0000 https://cec-ugc.org/colorado-ag-sues-student-loan-company-western-colorado/ Colorado Attorney General Phil Weiser has filed a lawsuit against a Pennsylvania company that has the sole contract to manage the federal public service loan forgiveness program. This program, created by Congress in 2007, is designed to encourage recent college graduates who have significant student debt to take jobs in the nonprofit or government sectors. […]]]>


Colorado Attorney General Phil Weiser has filed a lawsuit against a Pennsylvania company that has the sole contract to manage the federal public service loan forgiveness program.

This program, created by Congress in 2007, is designed to encourage recent college graduates who have significant student debt to take jobs in the nonprofit or government sectors.

Those who do, and stay in those jobs for a decade, may have their annual loan repaid, with the rest being canceled after that 10-year period.

But the company that won the government’s contract to run the program, Pennsylvania Higher Education Assistance Agency, also known as FedLoan Servicing, has failed to produce documents showing it is complying with the country’s consumer protection laws. Colorado, Weiser said.

This company had problems managing the federal program, including extremely low approval rates for eligible students, and gave false information that borrowers had eligible loans and repayment plans, a- he declared.

“Dedicated Colorado officials such as teachers, firefighters, and nurses are entitled to participate in the Public Service Loan Forgiveness Program and deserve the protections afforded to them by Colorado law,” Weiser said. “State oversight, like that outlined in the Colorado Student Loan Services Act, is needed to ensure that student loan managers like the PHEAA are complying with the law.”

Weiser said his office had requested certain documents to see how the company was running the program during the pandemic. The company failed to do so, Weiser said.

The lawsuit, filed in Denver District Court, seeks a temporary and permanent injunction calling on the company to comply with state oversight, which is done through Weiser’s office.

Colorado’s Student Loan Protection Act, approved by the Legislature in 2019, also created a Student Loans Ombudsman in Weiser’s office to help students with problems with their loans.



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